TSLA breaks below 20-day moving average

Tesla, Inc. (TSLA) Technical Analysis Report for Apr 16, 2018

Highlights

TSLA breaks key support level
TSLA dominated by bears dragging the market lower throughout the day
TSLA breaks below 20-day moving average
TSLA breaks below previous session low
TSLA falls to lowest close since April 9th

TQ Sentiment

Report Sentiment: 80% Bearish
Technical Forecast:

Overview

TSLA finished Monday at 291.21 losing $9.13 (-3.04%). Today's closing price of 291.21 marks the lowest close since April 9th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 295.98, the market confirms its breakout through the prior session's low having traded $6.97 below it intraday.

Daily chart for TSLA

Volatility

Monday's trading range was $9.99 (3.34%), that's below last trading month's daily average range of $15.45. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking below the key support level at 294.76 today, it is now likely to act as resistance going forward.

Trend

Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. Tesla broke below the 20-day moving average at 292.57 today for the first time since April 12th.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Tesla, Inc.

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